About Deadly Clear

This blog site is for you - to make your opinions known and enable you to express your thoughts, insights, fears and be DEADLY CLEAR. The author of the blog has become more compassionate and socially enlightened with age after entering this world from a very brainwashed right-winged culture. My goal is to achieve perfection and share in Ho'oponopono which means to make things right.

‘SOB’ bankers should be punished: Wall St watchers

Deadly Clear:

From your lips to God’s ears…

Originally posted on Justice League:

amen

How do you improve the culture of Wall Street and restore faith in finance? Personally punish the industry’s bad apples, according to two longtime observers.

“I think we need to personalize the penalties for those who are sinners. It’s got to hurt them individually,” Charles Ellis, a prominent investment consultant and author, said at an event this week in New York on improving the financial industry.

Ellis, who founded institutional advisor Greenwich Associates, said that new laws after the financial crisis didn’t go far enough because companies—usually via public stock owners—still pay penalties for misbehavior, not people.

“We’ve got to get past the idea of sending it against shareholders and writing it off the balance sheet,” Ellis said.

John Rogers, former CEO of the CFA Institute and previously a topInvesco executive, agreed.

“Making senior management personally responsible resonates with me. That’s true for actors down inside the banks too…

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Ocwen fires back at “disingenuous” charges of negligence

Deadly Clear:

Somebody should tell BlackRock, MetLife, and PIMCO to shove it up their ass. Sorry to be so crude – but these guys knew exactly what was going happen – and it appears helped to devise the automated, patented system.

Originally posted on Justice League:

Ocwen Financial (OCN) is doubling down in its fight against a group of mortgage bond investors that accused the nonbank off ailing to properly collect payments on mortgage loans and breaching its bond covenants.

In January, a group of investors, which includes BlackRockMetLife, and PIMCO, said that Ocwen failed to perform its contractual obligations as a servicer by failing to properly collect payments on $82 billion of home loans. In a subsequent letter, cited in a report from Compass Point Research and Trading, the investors said that Ocwen’s failures as a mortgage servicer cost bond investors approximately $26 billion.

Read on.

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The statute of limitations expires this year for big bank mortgage frauds that crashed the economy in 2008, Leaving wall st lawless guarantees another, bigger, financial disaster!

Deadly Clear:

Nothing more to say… Let’s everyone know – spread the word.

Originally posted on Justice League:

Investmentwatch blog:

This is the last chance to get the DOJ to act on Alayne Fleischmann’s evidence of felony mortgage securities fraud, which she witnessed when she was at JP Morgan Chase from 2006 – 2008.

She’s a securities lawyer by training, but worked as a deal manager there.

Her documentation of the fraud she witnessed, and tried to stop, as well as her depositions with the SEC and DOJ lead to the increase in the civil penalty (13 Billion) JPMorgan paid in November (9 Billion after their tax write offs !!)

I have a chase card. Prosecuting bank officers for fraud will not crash the institution. It will make it stronger, and the system as a whole.

We have 6 1/2 years of evidence that civil penalties offer no deterrence ……we’ve gone from securities fraud to money laundering, commodities rigging, international rate rigging etc……

Banks don’t commit fraud. Bank…

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U.S. judge refuses to toss Libor criminal complaint vs. Swiss UBS trader

Deadly Clear:

“Darin had no idea that submitting a false report could be construed as a crime in the United States. ” The way bankers lie, cheat and steal – why wouldn’t it appear legal? If it were one of us, the judge would sternly lean over the bench, squench his eyes and say, “you knew or should have known!”

Originally posted on Justice League:

There are so many interesting jurisdictional issues in the U.S. government’s prosecution of foreign bankers allegedly involved in the manipulation of benchmark London Interbank Offered Rates, calculated in London under the auspices of the British Bankers’ Association. Last December, Covington & Burlinglaid out at least three solid arguments for why U.S. courts shouldn’t hear the government’s criminal case against Roger Darin, a Swiss UBS interest-rate trader charged with one count of conspiracy to commit wire fraud by supposedly submitting false reports of UBS’ yen Libor, including the territorial limits of the U.S. wire fraud statute and Darin’s due process right not to be tried in U.S. courts for conduct that took place entirely outside of the United States.

But in an opinion issued Friday, U.S. Magistrate Judge James Francis of Manhattan made clear that Libor defendants aren’t going to be able to slough off U.S. criminal charges with jurisdictional…

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Up Next on the GOP’s To-Do List: Selling US National Forests

Deadly Clear:

Probably a necessity since they’ve allowed wall Street to gamble away everything else.

Originally posted on Justice League:

Truthout:

To prove a point, a conservation group held a mock auction for ownership of the Grand Canyon back in February. At the time, they were trying to provide an example of what would happen to public land if Congress stripped the president’s authority to identify and protect national monuments. While this scenario may seem a bit extreme at the outset, it could actually happen soon with public land – including national forests like Yellowstone, along with many others.

Several parties have drawn up a proposal for the House GOP budget resolution that calls for the seizure and sale of US national forests and public land. Rep. Rob Bishop (R-Utah), chair of the House Natural Resources Committee, believes that control over US public lands should be transferred to the state level. The real kicker is that he demands $50 million in taxpayer funds – yes, you’ll be the one…

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The End of Glass Steagal: Mr Weill Goes to Washington

Deadly Clear:

Thanks to Justice League we found this post!

Originally posted on Snap!:

Here’s an informative  account of Sandy Weill’s creation of the first full-service superbank, Citigroup, and the repeal of the Glass-Steagall Act that stood in his way .

This is from a report by Frontline that discusses the end of Glass Steagal and  interviews of former SEC Chairman Arthur Levitt, former Federal Reserve Board member Alan Blinder, New York State Attorney General Eliot Spitzer, financial historian Charles Geisst, the Precusor Group’s Scott Cleland, and Kenneth Guenther of the Independent Community Bankers of America.

Excerpt: Arthur Levitt,  SEC chairman  from 1993 to 2001:

 “It was apparent to me that the protections of Glass-Steagall had already largely eroded. But Congress, at several times, nearly passed a bill to do away with Glass-Steagall. It was clear that it was a question not of whether but when Glass-Steagall would go. Millions of dollars were pouring in the campaign coffers of senators…

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Dallas whistleblower wants someone to go to jail for Citigroup’s mortgage mess.

Deadly Clear:

Amen. Won’t happen in this administration… But remember Republicans eat their own.

Originally posted on Justice League:

Here, here.. And I concur…

You may remember my recent column on Richard Bowen, the Dallas banker who blew the whistle on Citigroup and is considered by many to be an unsung American hero.

The 68-year-old senior lecturer of accounting was once a top executive with Citigroup’s mortgage lending organization. When his warnings of internal malfeasance got him sacked, Bowen filed a complaint under Sarbanes-Oxley and later testified before Congress.

He has nothing to show for his efforts.

Well, he’s not done.

On Friday morning, Bowen appeared on Bloomberg Television’s Market Makers hosted by Stephanie Ruhle. He announced that he’s requested a congressional investigation into possible cover-ups he says he witnessed at the Financial Crisis Inquiry Commission.

But time is running out for charges to be filed.

Read on.

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One Bank Is Finally on Trial for the Financial Crisis

Deadly Clear:

Wouldn’t you love to be on the jury?

Originally posted on Justice League:

The trial of the century—a long-awaited determination of the damage perpetrated by Wall Street institutions in the financial crisis—began Monday in New York. But it’s only happening because one bank—unlike Goldman Sachs, JP Morgan, Citigroup, and Bank of America—refused to settle out of court. The Japanese firm Nomura stands accused of lying to mortgage giants Fannie Mae and Freddie Mac about the quality of mortgages pooled into securities during the housing bubble. The case will finally reveal hard data on just how much money Nomura, and the rest of the industry, made through fraud.

The Federal Housing Finance Agency (FHFA), conservator of Fannie Mae and Freddie Mac, sued 18 of the biggest banks in the world in 2011. As an investor, Fannie and Freddie purchased $196 billion in mortgage-backed securities from 2005 to 2007, filled with loans that did not meet specific underwriting guidelines. Sixteen of the 18 banks

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Ocwen to Sell $9.6 Billion of Servicing Rights to Green Tree

Deadly Clear:

Be careful what you wish for… Never say “it can’t get any worse than this…”

Originally posted on Justice League:

On a side note: Green Tree is part of the Walter Investment Management group. Green Tree’s sister companies are ditech, Security 1 Lending, and Reverse Mortgage Solutions.

Ocwen Loan Servicing, a subsidiary of Ocwen Financial Corporation, and Green Tree Loan Servicing, for the sale by Ocwen of an Agency mortgage servicing rights portfolio with a total principal balance of $9.6 billion, according to an announcement from Ocwen on Wednesdaymorning.

According to Ocwen, the portfolio consists of approximately 55,000 performing loans owned by Freddie Mac. The transaction is subject to approval by Freddie Mac and its conservator, the Federal Housing Finance Agency (FHFA), as well as other customary conditions. Ocwen reported that it expects the transaction to close by April 30, 2015, and expects the loan servicing to transfer in May 2015.

“We are pleased with the progress we are making on executing our plan,” Ocwen CEO…

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